Gold Price Prediction – Prices Drop to Support as the Dollar Surges

Gold prices dropped sharply on Friday as the dollar surged higher. The move in the dollar came despite a further decline in U.S. yields. The 10-year Treasury yield closed at the lowest level in 4-months declining down to 1.45%, after hitting a high of 1.67% early in May. The net worth of U.S. households climbed to new heights as 2021.Technical analysis

Gold prices rebounded from session lows and continue to accelerate higher close in h black. Support is seen near an upward sloping trend line that comes in near 1,872. Short-term resistance is seen near the 10-day moving average at 1,896 .Target resistance is seen near the May highs at 1,916. Short-term momentum continues to whipsaw after turning positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in negative territory with a flat trajectory which points to consolidation.

The net worth of U.S. households climbed to new heights as 2021. The gains were mostly in the stock market. The total balance sheet for households and nonprofits rose to $136.9 trillion in the first quarter, a 3.8% gain from the end of 2020. Of that total, $3.2 trillion came from equity holdings, while $1 trillion was due to the continued escalation in real estate values. Household debt totaled $16.9 trillion for the quarter, growing at 6.5% rate that was the fastest pace going back to 2006.

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

David